Overstock announcement: Medici Ventures buys 5.1% stake in Bankours

Posted 12 March, 2019

The top player in the retail sales market Overstock has reportedly bought shares of blockchain-based banking project Bankours via Medici Ventures, its division aimed at blockchain investments.

The company announced an acquisition in the press release this Monday. According to the unveiled data, Overstock's investment division owns a 5.1% stake in Bankours company. The latter represents a blockchain-based platform that offers institutions and individuals buy/sell, store and lend cryptocurrencies. 

As commented president of Medici Ventures, Jonathan Johnson, this deal will become further move to their plans for creating "foundation of a blockchain-based technology stack for society."

For reference, Bankours company established in 2013 runs offices in Europe and China. 

According to the description on the company's official social network profile, Bankorus team is striving to block down about $60 trillion in traditional assets of "high-net-worth individuals and redirect it into cryptocurrencies". 

Jonathan Johnson noted in the press release:

"Bankorus has built a revolutionary blockchain banking platform that dovetails nicely with Medici Ventures’ goals of eliminating middlemen, democratizing capital, and rehumanizing commerce by helping individuals access and control their own digital assets."

After the completion of the deal, Medici Ventures will have 20 companies in its global portfolio. 

Specifically, it acquired 29.6% interest in Chainstone Labs last December. The contract cost amounted to some $3.6 million. 

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